Franklin Lakes is a somewhat small borough located in the state of New Jersey. With a population of 10,936 people and two associated neighborhoods, Franklin Lakes is the 176th largest community in New Jersey. Franklin Lakes home prices are not only among the most expensive in New Jersey, but Franklin Lakes real estate also consistently ranks among the most expensive in America.Franklin Lakes is a decidedly white-collar borough, with fully 94.56% of the workforce employed in white-collar jobs, well above the national average. Overall, Franklin Lakes is a borough of professionals, managers, and sales and office workers. There are especially a lot of people living in Franklin Lakes who work in management occupations (20.46%), sales jobs (13.57%), and healthcare (11.91%). Also of interest is that Franklin Lakes has more people living here who work in computers and math than 95% of the places in the US. One interesting thing about the economy is that relatively large numbers of people worked from their home: 25.27% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes. Because of many things, Franklin Lakes is a great place for families with children to consider. First of all, many other families with children live here, making Franklin Lakes a place where both parents and children are more likely to develop social ties with other families, as well as find family-oriented services and community. The borough’s good public school district and large population of college-educated adults provide an environment conducive to academic values. With regard to real estate, Franklin Lakes has a high rate of owner-occupied single family homes, which tends to reflect stability in the local community. Finally, Franklin Lakes’s overall crime rate is lower than average for the country. One downside of living in Franklin Lakes is that it can take a long time to commute to work. In Franklin Lakes, the average commute to work is 33.73 minutes, which is quite a bit higher than the national average. On the other hand, local public transit is widely used in the borough, so leaving the car at home and taking transit is often a viable alternative. Even though Franklin Lakes is a smaller borough, it has many people who hop on public transportation – mostly the train for their daily commute to work. Typically, these people are commuting to good jobs in the surrounding cities.If knowledge is power, Franklin Lakes is a pretty powerful place. 77.34% of the adults in Franklin Lakes have earned a 4-year college degree, masters degree, MD, law degree, or even PhD. Compare that to the national average of 21.84% for all cities and towns. The per capita income in Franklin Lakes in 2022 was $102,827, which is wealthy relative to New Jersey and the nation. This equates to an annual income of $411,308 for a family of four. Franklin Lakes is a very ethnically-diverse borough. The people who call Franklin Lakes home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Franklin Lakes residents report their race to be White, followed by Asian. Important ancestries of people in Franklin Lakes include Italian, Irish, Polish, German, and Russian. In addition, Franklin Lakes has a lot of people living here who were born outside of the US (17.73%). The most common language spoken in Franklin Lakes is English. Other important languages spoken here include Spanish and Arabic.
